Ola Electric Pvt. Ltd. announced that it has raised Rs.400 crore in its initial round of funding led by Tiger Global, Matrix Partners India and other investors. The new business will compete with Uber as well as Mahindra’s Glyd.
Ola Electric is a subsidiary of Ola, the cab-hailing service based in Bengaluru, and the Rs.400 crore funding was the first independent round of funding of the company. As per the press release issued by the company, Ola Electric will be headed by Ankit Jain and Anand Shah.
As part of Ola Electric’s initiative “Mission: Electric”, the company is running several pilot programs to release 1 million electric vehicles in the country by the year 2022. The firm is working on electric vehicles, charging stations, battery swapping stations, electric three-wheeler, electric two-wheeler, and other services. Ola’s initiative to bring in electric vehicles is in line with the government’s idea to encourage electric vehicles for commercial use.
The company, in the press release, also stated that it has partnered with several battery manufacturers and Original Equipment Manufacturers (OEMs) to make “Mission: Electric” a reality.
Source: Financial Express and Your Story